AOPA Aircraft Financing - No Experimentals

Been looking for financing to buy flying RV ----- just received reply from AOPA --- their lenders do not do experimentals! ---- Maybe another reason to put the membership money to better use?

Try your local bank or credit union.

Dave

David Paule said:

Try your local bank or credit union.

Dave

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That's what I did (before swearing off loans for toys).

Charlie

There may be others but NAFCO does loans for experimentals and kits. Most places that do loans for experimentals loves to hear the word 'Van's'...

Bob

Maybe another reason to put the membership money to better use?

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Do you have membership with a financial institution or with AOPA? The problem you have is with the lender, not AOPA.

Last year when I was in the process of arranging financing for my RV-6, BoA (thru AOPA) was still willing to lend on an RV, Glasair or Lancair, but no other experimentals. Likewise, NAFCO was also still lending on RVs. I ended up getting financed thru a local lender though, at a slightly better rate and the interest money I'll be paying stays local which I consider important to me.

Call Airfleet Capital.

NAFCO

I have financed 2 experimental Pitts through NAFCO...absolutely a positive experience all the way around. Don't know what they are lending on these days but I wouldn't hesitate to call them again.

Agree in part

RV10inOz said:

The problem you have is with the lender, not AOPA.

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But... AOPA is big enough that they could leverage something for experimentals if they wanted to. Obviously they don't. Must not be worth the effort. I can understand that position. Unfortunately for AOPA, it draws our attention since they have to spell out the exclusion.

It used to be Greentree (a Saint Paul firm) that did a lot of experimental financing (and also mobile homes). Then they got swallowed up by a bigger financial institution (I can't remember which one) that became the poster child for subprime loans and the financial meltdown.

I turned to AOPA this week for some help with my 3rd class medical renewal. Their response was that I'd have to pay for the advice with some program they're selling.

AOPA's third-party company relationships is the way AOPA makes more money, whether it's pitching term life insurance, financing an airplane, or getting a credit card. They're not innocent bystanders to those services.

That said, experimentals have never been AOPA's thing, so I'm not entirely surprised by your experience.

Still, there are opportunities for aviation organizations who claim to be working for aviation's future, to consider what role they can play with the idea of putting someone's tush in their own airplane.

Considering how soft the used airplane market is, I'm surprised anyone is lending on Experimentals. Seems a very bad risk.

Bank of America

Bank of America finances experimental's. The minimum that they'll lend is 50k and you have to to have 20% in the game. So in other words, about the least expensive airplane they'll finance has sell for right around 60k.